Fuel Cell Market size for 2016 was valued over USD 2 billion and the annual shipment is set to exceed 900 MW by 2024.

Europe Fuel Cell Market Size, By Product, 2016 & 2024 (USD Million)

Favourable government policies and incentives toward the adoption of renewable energy technologies coupled with increasing demand for backup power source in off-grid areas will drive the fuel cell market size. In 2016, the U.S. Department of Energy approved a funding of USD 30 million through REBELS program to develop the fuel cell technology that are focussing on low cost distributed power generation.

Upsurge in investments toward the development of hydrogen refueling infrastructure along with increasing demand for space heating across residential and commercial establishments will foster the fuel cell market growth. Upsurge in installation of movable charging sources owing to growing leisure industry across the region’s will further propel the business landscape. The government of Germany has planned to open 100 hydrogen refuelling stations by 2018 and 400 by 2023.

Growing adoption of fuel cell electric vehicles along with upsurge in funding from government and private institutions including DOE, New Enterprise Associates, Credit Suisse, and DAG Ventures will augment the fuel cell market outlook. The government of South Korea introduced a policy “Fuel Cell Vehicle 10 Percent Era”.to achieve the target of 10 percent of new car sales to be fuel cell electric vehicle by 2030.

Fuel Cell Market, By Product

PEMFC fuel cell market is predicted to surpass 180 thousand units by 2024. Growing demand for primary and backup power sources to provide electricity in remote areas along with increasing use in FCEV’s and portable electronics will foster the industry growth. These cells function at comparatively low temperatures and can modify power output based on the power requirements.

DMFC fuel cell market will grow owing to its wide applications as a portable power source including consumer electronics, movable battery chargers and power for testing equipment. These cells operate at a temperature range between 600C to 1300C and can be used for different power requirements. High energy density and comparatively low cost are some of the key features that will further enhance the product growth.

Fuel Cell Market, By Application

Stationary applications are set to witness strong growth owing to increasing demand for space heating demand across homes, offices, and other commercial establishments. Increasing product penetration as a backup power source in hospitals, telecommunication base stations, data centres, tetra networks, schools and hotels will further augment the fuel cell market growth.

Wide applications across skid-mounted fuel cell generators, portable soldier power, auxiliary power units, torches, cameras, mp3 players, printers, laptops, radios, and vine-trimmers will boost the penetration of portable applications. Longer run time, rapid recharging, reduced weight, reliability, convenience, and low operating cost are some of the prominent features which will further encourage the product adoption over the forecast timeframe.

Fuel Cell Market, By Region

The U.S. fuel cell market is predicted to grow pertaining to continuous financial support from government organization including Department of Energy. Increasing government support to promote renewable energy technologies to curb carbon emissions will further complement the industry outlook. In 2015 the Department of Energy, announced an investment of USD 130 million toward the development of fuel cells and hydrogen fueling infrastructure.

The Germany fuel cell market is set to exceed 30 MW by 2024. Commercialization of fuel cell electric vehicles owing to increasing customer base across the nation will augment the business landscape. Increasing investments toward the development of hydrogen refuelling infrastructure along with stringent emission reduction targets will boost the industry outlook.

China fuel cell market is set to witness gain of over 20% by 2024. Exponential rise in power consumption along with increasing investments across the development of transport and stationary application will propel the business outlook. The ongoing investments by major industry players including Hyundai toward the development of H2 infrastructure will complement the industry outlook. In 2017 Hyundai, unveiled its plans to launch the second-generation hydrogen fuel cell vehicle, which will further enhance the properties of technology.

Increasing investments toward R&D along with ongoing M&A to expand presence has been a key strategic inference by major industry players. Rigorous technological advancement coupled with a decline in the overall cost of fuel cell installations has further propelled the product deployment.

Fuel Cell Industry Background

The Fuel cell are electrochemical cells, which convert chemical energy into electricity through a chemical reaction between hydrogen and oxygen or other oxidizing agents. These cells are more efficient than combustion technologies and do not generate any emissions. Wide application across power generation, electric vehicles, cogeneration, and portable power systems will foster the fuel cell market growth. These products are 2-3 times more efficient and eco-friendly than conventional batteries.

What Information does this report contain?

What was the historic market data from 2013 to 2016, what is the industry growth forecast from 2017 to 2024?